Overdraft Privilege Program
A GREAT ENHANCEMENT TO YOUR MADISON COUNTY FEDERAL CREDIT UNION CHECKING ACCOUNT
Honest mistakes do occur. Members may add instead of subtract, or forget to record a transaction, thereby miscalculating the amount of money they have available. MCFCU offers Overdraft Privilege to save our members the expense and embarrassment of high merchant fees for insufficient funds on an overdrafted account.
WHAT IS OVERDRAFT PROTECTION?
- A financial resource that can cover your overdraft checks
- A service that adds a measure of protection to your checking account
- MCFCU’s convenient response to your unexpected financial needs
- Protection from merchant-returned check charges
- Not a promise, but a privilege to you, our members
HOW DOES OVERDRAFT PRIVILEGE WORK?
When check or debit card transactions are presented for payment and the funds are not available in the checking account or the members designated overdraft sources, MCFCU may honor the check by bringing the checking account to negative balance not to exceed the established limit (including the amount of the overdrawn item(s) and the NSF fee(s). NSF fees will be assessed for each item that draws your account negative. You then have up to 30 days to bring the account current, either through a direct deposit, transfer of funds, or a deposit at one of our branch locations. To make sure that this service remains available, the account must be brought to a positive balance within 30 days.
HOW CAN I GET OVERDRAFT PRIVILEGE?
Simply open a checking account with MCFCU and after 60 days, you may qualify for Overdraft Privilege on your account! You don’t have to do anything other than keep making deposits and maintain your account in good standing. By making deposits on a regular basis, bringing your account back to a positive balance regularly, and by assuring there are no legal orders against your account, you may keep this protection, whether or not you ever need it. Just knowing it’s available can bring you peace of mind.